Which of the Following Statements Is Incorrect About GAO Standards

question 7

Multiple Choice

Which of the following statements is incorrect about GAO standards pertaining to performance audits?

• A)The GAO mandates that programs be audited annually by accounting trained professionals
• B)Performance audits are normally carried out by internal audit departments
• C)Performance audits focus on specific programs
• D)The GAO does not specify when and how often a program, must be audited

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Definitions:

Recruiting Process

The series of actions taken by an organization to identify, attract, screen, and hire the best candidates for job openings.

Formal Application

A structured or official process of submitting information or documents requested by an organization or institution for a specific purpose.

Producer Surplus

The difference between what producers are willing to accept for a good or service and what they actually receive, typically representing the profit or gain from trade.

Total Surplus

The sum of consumer and producer surplus, measuring the overall benefit to society from the production and consumption of a good or service.